The municipal savings banks expect to capture around S/21,000 million in fixed-term deposits this 2022, according to the projection of the Peruvian Federation of Municipal Savings and Credit Banks (Fepcmac). Considering that more than 4 million workers will receive their gratuities and taking into account the current social and economic context, the fixed-term deposit becomes […]
Tag: municipal boxes
Juan José Marthans: “Microfinance institutions urge a new strategy to follow”
Yesterday concluded the International Microfinance Seminar in Arequipa. The theme was “Humanizing digital transformation”. How is our microfinance front? It is urgent that our microfinance institutions consolidate a strategic vision. Beyond the challenging economic environment, they are losing distance from the competition that increasingly comes from the banking and technology front. But what is the […]
Jorge Solís: “Financial inclusion must be on the public agenda”
The president of Caja Huancayo, Jorge Solís, explains the environment in which microfinance institutions operate and the impact of the COVID-19 pandemic on the exit of thousands of clients from the financial sector. Hence, he demands to prioritize financial inclusion, but with specific rules and policies. What is the situation of microfinance institutions? The pandemic […]
Savings banks could reach 800,000 potential credit card customers
After Congress encourage microfinance institutions to issue credit cards, the president of Caja Huancayo, Jorge Solís, reported that the Savings Banks are ready to offer this service. In addition, it indicated that the average rate they would charge would not exceed 35%. “We have 40 years in the market and good financial indicators. We could […]
Credit cards: municipal savings banks would charge interest rates of 36%
To date, only ten banks and three finance companies are authorized to issue credit cards, whose rates range from 86.48% to 141.9% (see infographic), according to a report from the Superintendency of Banking, Insurance and AFP (SBS). In this context, from the Congress They are looking for municipal savings banks to enter the competition for […]
Rise in the reference rate would impact short-term loans
The Central Reserve Bank of Peru (BCRP) raised the reference interest rate to 2.50%. This figure is higher than pre-pandemic levels, since in February 2020 it stood at 2.25% for the fourth month. Adrian Armas, Central Manager of Economic Studies of the BCRP, He noted that this increase could be reflected in the interest rate […]
BCRP in favor of municipal savings banks issuing credit cards
The central manager of Economic Studies of the Central Reserve Bank (BCRP), Adrián Armas, was in favor of municipal savings banks being able to issue credit cards provided they have the technical characteristics to provide the service. “What we can comment on is that in general the position of the Central Bank in the past […]
10 municipal savings banks could issue credit cards
In a context in which credit cards are the most expensive product in the financial system, with rates of up to 141.9% (see infographic), the Congress It is promoting that the municipal savings banks can issue them to generate competition. And it is that currently only banks and finance companies are directly authorized, while the […]
They approve prediction of the bill that allows municipal savings banks to issue credit cards
The Consumer Defense Commission of the Congress of the Republic approved by nine votes in favor and five abstentions the prediction of bill that modifies article 286 of Law 26702, General Law of the financial system and the insurance system. The prediction relapsed in the bill 78/2021-CR, upheld on October 19, seeks that municipal savings […]
Microfinance companies will be able to benefit from the patrimonial strengthening program until March 2022
The Government of President Pedro Castillo ordered the extension, until March 31, 2022, of the term of acceptance of the subprograms of patrimonial strengthening of the Program of Patrimonial Strengthening of the institutions specialized in microfinance and term of validity of the Emergency Decree No. 037-2021. Before, the foster care period expired on October 31. […]